LI unemployment surges in June

Unemployment has skyrocketed again on Long Island, jumping to 7.5 percent in June, a sign that the region's economic woes are far from over.
The Island lost a staggering 40,400 private sector jobs in the 12 months ended in June, the highest number of losses since the recession began almost two years ago, according to the ...

The problem is with the banks. Despite massive infusions of taxpayer dollars, the banks are as arrogant as ever, if not more so. The banks should have been allowed to fail. Bank of America, for example, has done nothing but thumb its nose at the President and Congress. They still engage in deceptive (and now illegal) practices with impunity. Talk to the employees. And, by the way, why did they not lose their jobs. Why, since they are using taxpayers’ money, are the public not benefiting. I cannot fathom why the taxpayers’ money did not,and has not, gone to the relief of the public. What I see are arrogant and excessive numbers of bank employees, and branches. Why are they not losing their jobs as are others. Why are they allowed to take peoples’ homes from them. Where are people to live. In shelters? What troubles all of us is that banks are a monopoly. They should be closely regulated and forced to provide funds for the public good instead of profiteering in ways that are very well known. The other allied area that must be closely regulated are the so-called credit reporting agencies. Their malfeasance is well documented and they have been complicit in causing this economic meltdown. They disseminate false information which the banks welcome so as to increase “fees” on, and deny credit to, the public. The President promised change but all we see is more of the same. He must focus on fixing this mess before he can go on to other things. He has let the public down, unfortunately. The financial institutions are simply toying with him. It’s time for him to get the job done and stop this debacle. And yes, a strong President can and must, before he is simply ignored. This is the current situation. I, for one, hope he refocuses to the job at hand and redoubles his on-the-margin efforts.